Could we be just one or two years away from solving all security-related complications of cash systems today? Daryl de Jori, Head of New Technologies at EDAQS, a German-Austrian technology company, says that may very well be the case.
De Jori, a small business analyst and finance critic by background and renowned Hamburg based economy scientist, Reimund Homann,along with a small team of scientists, technicians, and developers, have spent the last few years perfecting and testing the money security system DICE, its first hybrid product that unifies artificial intelligence and the lifestyle, which they believe could prevent cash crimes, along with solving all security-related complications of cash systems today, including passports and terrorism.
The innovation offers the opportunity for global change which will solve countless conventional problems with one single system and allows central and national banks to supervise and analyze all cash circulation without interfering with the privacy of the citizen. It not only produces anti-counterfeit bills but provides for the first time in the annals of cash an insurmountable protection. Categorized as a semi-governmental project for the general public benefit and classified as a “Governmental Reformation Venture” (since an effective implementation could only be achieved through official ways sufficient reason for the support from governments), the technology is currently at the mercy of negotiations with governments and national banks for a global implementation of the system.
The development of the DICE (acronym: Dynamic Intelligent Currency Encryption) emerged from the unquestionable dependence on a financial system that protects money while upholding the best level of security and privacy. Contingent identifiable banknotes, preferably with a custom-frequency and secure RFID or machine readable codes like Datamatrix, the DICE integrates reliable and innovative technologies that combine their advantages to incorporate them into an optimized security. Starting from the identifiable banknote that connects to an electronic security system to verify the banknote’s validity, a key feature is also the opportunity to devaluate banknotes that may have been stolen from a DICE user or which are illegally circulating.
It is the goal of EDAQS that the whole banking and retail sector and also all entities with regular cash circulation will take part in the DICE system.Up to now, EDAQS has concentrated most of its resources on preventing cash crimes and forgery, but additionally to save cash from vanishing as it is happening in Scandinavian countries. But thanks to the recent series of external appraisals, the DICE has been estimated at an averaged valuation of $5.6 billion and contains plans to skip a scheduled seeding process to immediately raise capital in a string A financing, after undisclosed leading capital investors and EDAQS lobbyists showed interest to jointly dominate the global implementation of the innovative and futuristic banknote system. As part of the planned spin-off, the new company will generate two strong market leaders with distinct brands, partners, operating characteristics and industry dynamics.
plateforme de trading fiable combines several technologies and intelligent techniques to solve almost all problems that governments claim to be the explanation of the planned abolition of cash. DICE protects the citizen, the retailers and even the banks. Also it gives cash a new and indisputable reason to live on.
Among a variety of new development models there are various benefits of DICE. Firstly, counterfeiting of banknotes is a thing of the past sufficient reason for the counterfeited value being greater than the production costs, counterfeiters would naturally have to undergo immeasurable efforts. Second, robberies will become less attractive and even with a limited usage of DICE, the chance of a worthless robbery will be higher than the ultimate gain. DICE also combats crime and as a result general cash-related crime will be reduced by almost a quarter on the basis of the official crime statistics for Germany released by the police (5.96 million offenses in 2013). The incidental registration of the banknotes would also ensure it is easier for banks and companies to control cash as the complications of handling illicit money result in higher tax revenues.
As well as mapping out preventing cash crimes and forgery, EDAQS hopes to fight drug cartels and terror financing on a totally different level. The remote deactivation of banknotes opens up new effective tools in the fight the financing of terrorism. From drug cartels to Mafia organizations, the ever-present possibility of the money being devalued later and the potential of determining the last retailer scanned position makes cash uninteresting and risky. With a profound change for legal tenders along with other securities where its use would seem sensible, DICE provides passive protection mechanisms that have a preventive effect on the users’ security without impairing their privacy and gathers valuable geographical data of cash circulation in the process. Such data could be used to investigate the financial stability of a country.
If current government trends continue, a cashless economy does seem on the rise. And while you can find certainly positive outcomes which can be obtained by going cashless not absolutely all is rosy however. The darker facet of a cashless society, is the one that few are debating or discussing, but is in fact the most pivotal with regard to social engineering and transforming communities and societies. There are understandably concerns about privacy, particularly when payments are made through internet sites and above all there is an incalculable cost to your humanity. We’d lose our freedom to make decisions. It is easy to imagine a totalitarian regime using these tools to great harm. In the digital age, cash is directly faced with technological progress with crypto-currencies like Bitcoin and contact-less payment methods like Apple Pay, Google Wallet or QuickPay. However such technologies can be subject to monitoring and will be regulated in ways which could limit and even end its utility.
In his book “The End of Money”, Wired contributing editor David Wolman, explored the twilight of cash and its replacement with a panoply of more efficient means of exchange. For one thing, Wolman notes, that national identity is strongly linked with having a physical currency. Then there’s the best advantage of cash – its capability to enable off-the-books transactions. In a culture as paranoid about surveillance as our own, imagine the outcry if we were to move to means of exchange that were always traceable? The problem challenging arguments for a cashless society is that they are rational, and our attachment to cash isn’t. A cashless society is also a society where there is absolutely no longer any anonymity.
Philosopher and economist Adam Smith observed that people are all economic beings in the sense our essence as humans stems from our ability to make fair trades for our labor or our products. We make these transactions in the current presence of the usually benevolent “invisible hand,” as Smith called it in his book “An Inquiry into the Nature and Causes of the Wealth of Nations.” The invisible hand optimizes our total production, and, by and large, fosters our freedom. A “visible hand” monitoring each and every transaction we make could be one of the greatest – and least expected – threats to freedom we’ve ever encountered in history.
In light of the dystopian outcomes in the evolution in the creation of a cashless society, DICE is billed at breaking the mold with regards to the protection of cash, since it not only improves cash circulation, but also the standard of people’s life. The benefits of the DICE system can only be positive.Although it would obviously apply to the economy as a whole and to any place where money plays a significant role, however a lot would also change for private individuals. The technology is so far without any competition and in the long run, the best point of arrival, of course, is that it’s unavoidable that banknotes become digital hybrids. Which is definitely a better substitute for a state-controlled digital cash system.
Ambitious as that may be, it is really just the end of the iceberg. Needless to say, society has been through times of innovation in monetary technology before. Even though cash has been fighting the digital tide for quite a while now with the necessity to get beyond cash having been recognized in several countries, there’s no escaping the fact that we will will have a need for cash. Cash is still king and will remain in circulation for generations to come – for consumers and businesses. Hence, it’s never too late for businesses to protect themselves by safeguarding cash as a target. Additionally, de Jori thinks that DICE may also revolutionize the world of finance via an effective long-term protection strategy that maintains confidence in global currencies.